Apple Market Cap Crosses $1 Trillion Following iPhone 11 Announcement
Apple is once again a trillion-dollar company by market cap. Market cap is the total number of outstanding shares multiplied by its current stock price, which is why Apple is once again given the trillion dollar tag.
The company was able to hit the magic number thanks to a stock price of more than $221.28 during intraday trading. Based on its more than 4.5 million outstanding shares as of July 19th, that means a market cap of just a little over $1 trillion.
This, of course, isn’t the first time that Apple has found itself named as a trillion dollar company, but it’s the first time it’s managed it in a few months. Back in August 2018, its share price of $207 was enough to hit a trillion dollars. But since then, the number of shares has fallen thanks to multiple buy-back schemes and as a result, a higher share price was needed. That share price hit the required number today, and here we are.
The reason for the increased share price is the fact that Apple’s stock went up more than 3% following the announcement of new iPhones, a new Apple Watch, and a refreshed iPad during an event on September 10th. Apple is also likely to hold another event next month during which refreshed Macs and iPad Pro tablets are expected to be unveiled.
Apple joins Microsoft as the only US-based companies currently listed as having $1 trillion market cap. As MacRumors notes, Amazon has previously been able to boast the same thing while Google continues to flirt with the distinction.